Transactions within the office market accounted for 51% of total investment activity in the second quarter at £561.8m, compared to £95.35m in the previous quarter.

Boosted by the Golden Square Shopping Centre deal, the retail and leisure sector accounted for 36.3% of total investment activity with £398.5m worth of transactions.

UK institutions were the largest net investors into the North West commercial property market, accounting for 76% of total investment volumes. The activity levels of oversees investors remained consistent, but the value of sales increased by £95.1m on the previous quarter.

Total investment in the region over the past 12 months reached £2.16bn.

Abid Jaffry, director and regional head of capital markets at LSH, said: "This quarter's figures have been punctuated by very large deals but overall the pick-up and shift in investment activity over the last few months means we have seen a fundamental change in the market: deal volumes are up; investors, especially UK institutions, are much more active in the regions; and the regions still offer better value compared to an over-heated London market."